Hoymiles(SH:688032) Minsheng Securities·2024-09-02 05:04Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its future performance [4]. Core Views - The company's performance in the first half of 2024 met expectations, with significant quarter-on-quarter improvements, particularly in Q2, where revenue increased by 18.90% year-on-year and 73.91% quarter-on-quarter [2][3]. - The introduction of innovative products, such as the world's first 5000W micro-inverter and the AC-coupled micro-storage product, is expected to enhance market penetration and expand application scenarios, particularly in the commercial sector [4]. - The company is projected to achieve revenues of 25.44 billion, 37.43 billion, and 48.51 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 6.01 billion, 8.43 billion, and 10.72 billion yuan [4]. Financial Performance Summary - In H1 2024, the company reported revenues of 908 million yuan, a decrease of 14.78% year-on-year, and a net profit of 188 million yuan, down 46.16% year-on-year. However, Q2 showed a recovery with revenues of 576 million yuan, a year-on-year increase of 18.90% [2]. - The company's gross margin for micro-inverters and monitoring equipment was 53.22%, an increase of 2.9 percentage points compared to the previous year [4]. - The financial metrics forecast indicates a net profit growth rate of 17.4% for 2024, with a projected PE ratio of 27x [10].